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SEATTLE-Those who follow @GlobeStcom on Twitter and @GlobeStLIVE may have seen a post teasing the announcement, but GlobeSt.com has learned that Canyon-Johnson Urban Funds has invested preferred equity to recapitalize two regional malls in the Greater Seattle Area. The shopping centers include The Commons, a 770,000-square-foot center in Federal Way, and the 800,000-square-foot Everett Mall, in Everett, Washington.
The move enables the current owners, affiliates of the Steadfast Cos., to complete a full repositioning of both properties. This is the second time Canyon-Johnson has worked with Steadfast, which is also based in Southern California. The two firms first teamed in 2010 to remodel and reposition the Brea Plaza Shopping Center in Southern California.
“These investments underscore our continued interest in the Pacific Northwest market and our commitment to supporting high-quality projects in urban areas across the US,” explains Canyon-Johnson CEO and managing partner Bobby Turner, in a prepared statement. “We are confident that the infusion of capital at this critical time for both regional malls will help them achieve their potential. These are exceptional retail assets.”
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Steadfast has already begun relocating tenants, expanding and remodeling space within the centers, and signing leases with new national and regional retailers who will move into the regional malls this year. According to a prepared statement, leasing efforts are expected to bring new tenancy of over 100,000 square feet at Everett Mall and over 65,000 square feet at the Commons.
Canyon-Johnson tells GlobeSt.com that it cannot disclose any financial information at this time, but Steadfast chairman and CEO, Rob Emery, notes that “Canyon-Johnson has a great track record of investing in urban retail centers, and we look forward to delivering results that will achieve a complete repositioning of these two properties that have enormous upside potential.”
Everett Mall is currently anchored by Regal Theater, Sears, Macy's, LA Fitness and Old Navy and the Commons is home to Century Theaters, Target, Macy's, Sears and an extensive restaurant row. New tenants that have already committed to the mall repositionings include Burlington, ULTA Cosmetics, Party City, Buffalo Wild Wings, and Olive Garden.
Everett Mall has immediate access off of Interstate 5 and proximity to local employment centers. The city of Everett is home to the Boeing Company with 39,000 employees and to the Everett Naval Station with 6,310 affiliated personnel. The Commons shopping center is just 15 miles south of downtown Seattle, adjacent to the Celebration Park sports complex as well as Weyerhaeuser, one of the world's largest pulp and paper companies.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
